COVID-19 STOCK MARKET EXPERIENCES AND LOCAL INVESTORS’ INVESTMENT DECISIONS IN LAGOS, NIGERIA: A PILOT STUDY

Abstract

Economic activities were yet to pick up following the devastating effects of Covid-19 pandemic on stock market in Nigeria. Major cities were on complete lockdown for months leading to another phase of stock market crisis. This study explored Covid-19 stock market experiences and local investors’ investment decisions in Lagos, Nigeria. Organic theory of Emile Durkheim was adopted as framework, whereas exploratory design was employed. The study utilized purposive and snowball sampling techniques, using purely qualitative research instruments with a sample of fifty-three (53) interviewees, forty in-depth interviews (IDI), four case studies and nine key informants (KII) interviews; three respondents each were purposively selected from staff of Nigerian Exchange Ltd (NGX), Securities and Exchange Commission (SEC) and Stockbrokers in Lagos State based on their in-depth professional knowledge about stock market operations. Qualitative data was content analyzed. The result of the study showed that local investors’ Covid-19 stock market experiences greatly affected their present investment decisions, hence local investors’ investment apathy currently affecting the Nigerian stock market. The paper recommended thatthere is need for restoration of investors’ confidence in the Nigerian stock market.